“As a result, we have also witnessed the parallel market rate depreciating and in the process causing a rise in price which has a pass-through effect to cause inflation,” he added. Dr Mupunga said the recently announced monetary policy thrust was to stabilise the currency exchange rate an...
“In the absence of strong policy adjustments later this year, macroeconomic conditions could unravel. The continuation of current financial sector policies after the election would have adverse consequences for the parallel market exchange rate and economic development more generally,” says the report. ...
To calculate the levels of loss, exporters would simply estimate the variance between the market rate and the parallel rate and use that to calculate the earnings lost. If these exporters were agreeable to the prevailing rate at which they cede their forex or sell (because the rates are almost...
The Zimdollar's massive depreciation on the parallel market has, in the meantime, pushed the percentage difference between the official and parallel market exchange rates to over 130% (US$1:ZWL$13 000), while the formal exchange rate has remained stagnant at about ZWL$7 000. The black marke...
The difference between the parallel market rate and the weighted average rate remained flat at 27.35% amid speculation that input purchases for the current agriculture season had pushed up the rate although it remained range bound. The UK entered a new lockdown as it discovered a new strain of...
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The drop in the value of the Zimdollar has caused hyperinflation as businesses are constantly changing their prices to match the parallel forex market rates to maintain the value of their goods or services. This is reflected in the annual inflation rate of to 676,39% as of the end of last...
The spread between the official and parallel rate had been stable for about a year since the central bank introduced a weekly auction in June 2020. But it has almost doubled in recent weeks due to payment backlogs that have left companies unable to access foreign currency. ...
However, since the forex auction system came into force, the exchange rate stabilised at US$1:$81, while defusing the parallel market rage, but IH noted that pockets of fragility remained. Facing the backlash, Mangudya reintroduced the forex auction system, which had been unsuccessfully tried ...
Meanwhile, on the parallel market, the Zimdollar has been highly stable against the US dollar, owing to reduced activity due to tightened liquidity of the Zimdollar, as well as increased access of foreign currency on the formal market at competitive rates. It is, therefore, clear that two fu...